Mortgages Rates California – Mortgage Calculator California

Searching for the best mortgage rates in California leads to a review of the rates offered by Bank of America.  Bank of America has a number of mortgage loans to choose from.  The bank has fixed rate mortgages in which the borrower pays the same interest rate and same monthly payment of principal and interest for the duration of the mortgage.  The most common terms are 30, 20 and 15 years.  Fixed-rate mortgages are best if you plan on being in your home for a while. 

The banks has adjustable rate mortgages or ARMs where the interest rate stays fixed for an initial interest rate period, which ranges from 1 to 7 years.  Then the rate will adjust up or down annually for the life of the loan based on a specified index.  An ARM is a good option if you believe interest rates will go down over the next few years or if you plan on staying in your home 5 to 7 years or less.

The bank has a combination mortgage loan.  This is a loan where you receive a first mortgage combined at the same time with a second mortgage.  This option may help a home loan borrower avoid the costs of private mortgage insurance, PMI, and/or the higher rate of a jumbo loan with as little as 10% down.  The most popular combination mortgage loans are the 80-10-10 or 80% first, 10% second, 10%down and the 75-15-10 or 75% first, 15% second, 10% down.

Bank of America offers special mortgage programs for individuals who meet certain income requirements, who are financing property in certain census tracts, or who meet other special requirements.

Some of the current mortgage rates and terms include the following in which the mortgage rates and terms are based on a home loan purchase for a $250,000.00 single family home with a 20% down payment.

A 30 year fixed rate mortgage that has a rate of 5.375% with one point and an APR of 5.530%.  Engaging the mortgage calculator, the monthly mortgage payment on this loan would be $1,119.94.

The bank also offers a 5/1 adjustable rate mortgage that has a rate of 4.625% with 0.85 points and an APR of 4.523%.  Using the mortgage calculator on this ARM loan, the monthly mortgage payment would be $1,028.28.

For those whose who prefer a longer term, Bank of America offers a 40 year mortgage that has a rate of 6.625% with 1.875 points and an APR of 6.844%.   The mortgage calculator on this longer term mortgage shows a monthly mortgage payment of $1,188.77.

Bank of America has several other mortgage rates and terms to choose from.  The mortgage calculator makes it simple to calculate monthly mortgage payments on each of these programs.  The mortgage calculator combined with the mortgage rates will help a borrower crunch the numbers to help make decisions with home buying, refinances, home equity loans or other loan decisions.

These rates were established assuming the potential home loan borrow has a credit history is in good standing.  These rates are not guaranteed until lock-in.  Rates and terms are subject to change without notice.  For further information and current mortgage rates call 888-293-0264 or visit the bank website at www.bankofamerica.com.

Tags: 15 year fixed rate mortgage, 30 year fixed rate mortgage, 40 year fixed rate mortgage, California mortgage rates, mortgage calculator

This entry was posted on Sunday, January 11th, 2009 at 9:55 pm and is filed under Mortgage Ads and Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.